Four major banks ditch ATM withdrawal fees

UPDATE @ 6.25pm: FOUR major Australian banks have ditched their ATM withdrawal fees, meaning we will no longer have to pay that pesky $2 to withdraw money!

Commonwealth Bank was the first to make the move, announcing on Sunday morning that they were scrapping their fees to “benefit Australians”.

“Australians have complained for some time about being charged fees for using another bank’s ATM,” Matt Comyn, Group Executive, Retail Banking Services, said in a statement.


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“We have been listening to consumer groups and our customers and understand that there’s a need to make changes that benefit all Australians, no matter who they bank with”.

It wasn’t long before ANZ, Westpac and NAB quickly followed suit.

“While we had been actively working on how we provide fee free ATMs for our customers, we have decided to remove these fees all together from October,” ANZ Group Executive Fred Ohlsson announced on Sunday afternoon.

NAB Chief Customer Officer of Consumer Banking and Wealth Andrew Hagger also released a statement confirming the news.

“All Australians, regardless of whether they bank with NAB or not, can use any of our ATMs and not be charged a cash withdrawal fee,” he said.

“This is a good outcome for customers. We know it has been frustrating for them to be charged to withdraw their own money from an ATM, and the change we are announcing today will benefit millions of Australians.”

Additional reporting by Shanee Dobeson.

EARLIER @ 11.30am: The Commonwealth Bank says it is making a change to “benefit many Australians”, after announcing it will scrap all ATM withdrawal fees.

But not everyone is convinced.

Even non-CommBank customers won’t be charged a withdrawal fee when they take cash out at any of the bank’s 3,400 ATMs across Australia.

“Australians have complained for some time about being charged fees for using another bank’s ATM,” Matt Comyn, Group Executive, Retail Banking Services, said in a statement.

The move is expected to save Australians around $500million, after RBA data showed that last year people made more than 250 million ATM withdrawals from banks other than their own.

“We have been listening to consumer groups and our customers and understand that there’s a need to make changes that benefit all Australians, no matter who they bank with,” Mr Comyn said.

“We think this change will benefit many Australians and hopefully demonstrate our willingness to listen and act on customer feedback.”

It will excludes Bankwest ATMs and customers using overseas cards.

People took to social media to discuss the move, with some welcoming it, while current CommBank customers aren’t seeing the benefit.

They believe it is actually reason to switch banks, as non-CommBank customers are the ones who will be better off.

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